Carriage Manor Care Facility
For Sale
Contact for pricing
157 Hillside Ave, Waterbury, CT 06710
25-bed residential care facility with apartment, fully renovated in 2011.
Property Size20,185 SF
Price / SF$297.25
Days on Market647
Property Features for 157 Hillside Ave
General Information
Standard status
Active
Size
20,185 SF
Class
A
Property subtype
Business for Sale, Senior Living, Special Purpose
Building Details
Year Renovated
2011
Buildings
1
Stories
3
Units
25
Listing Agency:
Reno Properties Group, LLC
(860) 212-4030
Listed By:
Dan Garofalo · License #REB.0756346
Source:
Crexi
Added: Nov 12, 2024
Changed: Aug 8
Last Checked: Aug 20 at 8:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Reno Properties Group, LLC
Investment Insights
Based on property information with market context.
The Carriage Manor Residential Care Facility is available for sale, including both the business and real estate. The 25-bed facility is currently at 100% occupancy. The property was fully renovated in 2011 at a cost of $4,000,000. The building has elevator access to all 3 floors and includes a full commercial kitchen. A separate two-car garage is also present, which includes its own three-bedroom apartment. The property is conveniently located between Hartford and Danbury. The property size is 20,185 square feet.
Key Highlights
- Fully renovated in 2011 for $4,000,000
- 25‑bed facility at 100% occupancy
- Business and Real Estate included in sale
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$204,867
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,097,340
$4.1M
Cap Rate 7%
$2,926,671
$2.9M
Cap Rate 9%
$2,276,300
$2.3M
Market Conditions
NOI Build-Up for 20,185 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$399.7K $19.80/SF
− Vacancy
−$27.2K −$1.35/SF
EGI
$372.5K $18.45/SF
− OpEx
−$167.6K −$8.30/SF
NOI
$204.9K $10.15/SF
Area
Waterbury, CT
Vacancy
6.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,097,340
Cap Rate 7%
$2,926,671
Cap Rate 9%
$2,276,300
Alternative Uses
Best Use
Apartment 5plus
$2.93M
$2.56M – $3.41M
NOI $204,867 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.36M
$4.69M – $6.25M
NOI $374,957 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,498
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 06710, CT
11,056
Population
4,515
Households
2.4
Avg Household Size
32
Median Age
15%
College-Educated
71%
High-School Grad
1.0 sq mi
ZIP Area
11,056
Density / Sq Mi
$42,774
Median Household Income
$33,880
Median Earnings
$1,135
Median Rent
$219,600
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Carriage Manor LLC — 157 Hillside Ave, Waterbury, CT 06710
- The Manor on Pine Street — 53 Pine St, Waterbury, CT 06710
- Grace House — 25 Abbott Terrace, Waterbury, CT 06702
- Deeper View Homemakers and Companion Services — 228 Meadow St #402, Waterbury, CT 06702
- Samuel Asomaning — 276 Highland Ave STE A2, Waterbury, CT 067083022
Frequently Asked Questions
What type of property is this?
Assisted living facility - 25-bed residential care facility with apartment, fully renovated in 2011.
Where is this assisted living facility located?
The property is located at 157 Hillside Ave Waterbury, CT.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Fully renovated in 2011 for $4,000,000; 25‑bed facility at 100% occupancy; Business and Real Estate included in sale
